LumeJet assets bought by investors including former CEO
Wednesday, September 30, 2015
LumeJet’s assets have been bought from administrators by a small group of investors, including former chief executive Paul Anson, who have started a new business with the intention of resurrecting LumeJet as a trade print service.
LumeJet fell into administration last month, citing undisclosed financial issues, though Anson has said the business closed after a failed attempt at refinancing.
The deal with the administrators was finalised earlier this month and the new company, which is operating from the same Coventry-based premises and commenced trading yesterday (29 September), is called LumeJet Print Technologies.
Anson, who first invested in Lumejet in 2010 and later became a non-executive director and ultimately chief executive, before leaving the company in April 2015, will be the executive deputy chairman of the new business. The board will be chaired by one of the major investors in the deal.
Anson told PrintWeek: “There are two major investors who have both invested fairly substantial six-figure sums so we have strong backing and they very much see this as a starting point and have every intention to support the company long term.”
He added that the new company has secured all of LumeJet’s business and assets including the intellectual property, five machines already in stock and equipment still being built as well as various other projects still in progress.
“Despite recent events, my belief in LumeJet’s products, team and potential is stronger than ever. We have retained a very committed team and our technical capability is at full strength,” said Anson.
LumeJet Print Technologies will operate with 11 staff. This includes LumeJet founder Trevor Elworthy, who will work full-time in the new business, but does not include former directors David Lambert, Miles Bentley or Jeremy Luckett, who left the business between March and May this year.
“The team that were at LumeJet when it was in trouble stuck with it and everybody who was employed in the last few months of the business has been re-employed by us,” said Anson.
Anson said LumeJet Print Technologies will act primarily as a trade print service, in co-operation with existing LumeJet S200 customers.
Printers including Clicks, Altaimage and TG Print & Design had all bought the S200 printer, which can be used to produce pitch books, fine art prints, photobooks and personal publishing.
“We are developing a novel commercial arrangement to deliver LumeJet output in volume,” said Anson.
“We are seeking partners who have ambition to differentiate themselves through unique quality and who can build significant demand for LumeJet print, both in the UK and internationally.
“Our new model is not equipment sales or leasing but an effective commercial partnership through which we can jointly offer truly unique quality at attractive prices.”
He added: “We’re still working out the details but we have interest from various parties who would like to produce ultra-high quality print but without the capital outlay of buying one of the machines.
“We’ve had some early discussions with our current customers and need to have some more planning sessions with them but our goal is to increase the demand for ultra-high quality print in the market.
“That’s very much to the benefit of both our current customers as well as other printers who will now be able to access it.”
Anson said the company has five S200 machines in stock as well as access to printers with current customers and a number of machines in part-built form.
“We expect to be able to provide capacity very quickly for about 13 machines and between us and our customers we have the capacity to print something in the order of 60,000 to 100,000 metres a month immediately,” said Anson.
He added that the business has the ability to build more machines in the future in order to boost capacity further.
The new company will also continue the LumeBar development project with the support of partner Plessey Semiconductors and Anson said the firm still has ambitions in plastic electronics and high-speed inkless printing for applications such as packaging.